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Saturday, June 22, 2024

Making the most of remittances

The Saigon Times

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“The issue is not just about how to efficiently tap that source of foreign currency, but what we need to do to facilitate more remittances to Vietnam,” said Dr. Nguyen Tri Hieu, an economic and financial expert, in an exchange with the Saigon Times. Very important sourceThe Saigon Times: In 2023, incoming remittances to HCMC reached a 10-year high of nearly US$9.5 billion. Of the total, the remittances from the Asian region accounted for over 50%, and increased by 143.8% year-on-year, while remittances from the Americas and Africa decreased. How do you explain the record remittance amount and the change in the structure of remittance flows to HCMC? – Dr. Nguyen Tri Hieu: Firstly, remittances are always a vital source of foreign currency for Vietnam’s economy. Compared to foreign loans that need to be repaid with interest, we don’t have to repay anything after receiving remittances, except for some cases where remittances are sent to relatives or acquaintances as investment capital. Compared to Official Development Assistance (ODA), the use of remittances is not conditional as dictated by the lenders. Therefore, the amount of remittances up to US$190 billion that Vietnam received from 1993 (the first year remittances were recorded) until […]
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